House sale and capital gains after divorce

[veverka541]

My ex-wife and I sold our home following our divorce in 2024 and I am trying to understand what capital gains I may owe. I am filing as single . We originally purchased the home for $195.5k in 1987and we sold it for $620k. I received a 1099-S indicating gross proceeds of $310k which is half of selling price.  To determine any capital gains Turbo Tax is asking for the selling price,  sales expenses, and cost basis of home.   I am assuming that I report one half of each of these.  Is this correct?

[KrisD15]

Yes, enter half of everything, half the basis (your cost/purchase price) half the proceeds (selling price) and half the selling/closing fees.

If you owned and lived in the home 2 of the last 5 years, you should each be allowed to exclude up to 250,000 of the gain.